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Macy's shuttering stores, cutting corporate roles in restructuring plan

Photo by istock.com

February 6, 2020

In an effort to stem losses and reverse slumping sales, Macy's will close 125 stores in the next few years and reduce corporate jobs by 2,000.

The news comes as the struggling retailer strive to spur sales and reinvigorate its financials, according to a CNBC report.

It's part of a restructuring strategy that includes opening smaller footprint locations in strip centers.

"We are taking the organization through significant structural change to lower costs, bring teams closer together and reduce duplicative work," CEO Jeff Gennette said in a statement. "The changes we are making are deep and impact every area of the business, but they are necessary. I know we will come out of this transition stronger, more agile and better fit to compete in today’s retail environment."